This place also offers golden karak tea for Dh150 and if you want to buy gold-infused water, get ready to shell out Dh300
food8 hours ago
The Dubai Financial Market (DFM) closed 0.8 per cent higher on Wednesday, lifted by the news of Dubai Electricity and Water Authority (Dewa) expected initial public offering (IPO) early next month.
In addition, investors also priced in geopolitical developments in Europe on a volatile trading day, waiting to see how the Ukraine-Russian crisis pans out.
Quoting sources, newswires reported that Dewa intends to float between five to 10 per cent stake on the Dubai Financial Market on March 7 valued between $27 billion to $37 billion.
Vijay Valecha, chief investment officer at Century Financial, said the utility services provider is considering tripling its annual dividend target to Dh6.2 billion. The expected dividend yield could vary between 4.56 per cent and 6.25 per cent.
“Moreover, Dewa expects revenue growth of 12 to 12.5 per cent this year, helped by growth at its Empower unit and “material” independent power producer capacity additions. The outlook on earnings remains positive, as the firm expects consolidated EBITDA margin to reach about 56 per cent in 2023. Capital expenditure in the five-year period to 2026 is expected to be about Dh40 billion, including about Dh15 billion in 2022 and Dh10 billion in 2023,” added Valecha.
The Dewa listing will be the first of the upcoming 10 big listings on the DFM to boost stock market activity on the exchange.
In November, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, had announced plans to list 10 government-owned entities on local bourses to boost stock market activity.
According to the Dubai Financial Market data, the DFM General Index rose to 3,336 points on Wednesday, up 0.8 per cent, led by gains in Emirates NBD and Dubai Islamic Bank.
Abu Dhabi Securities Exchange ended flat on Wednesday.
— waheedabbas@khaleejtimes.com
This place also offers golden karak tea for Dh150 and if you want to buy gold-infused water, get ready to shell out Dh300
food8 hours ago
This travel-related case was associated with an ongoing outbreak of clade I mpox in central and eastern Africa, said the Public Health Agency of Canada
world8 hours ago
The night market is located near major hotels in Deira, and visitors can also enjoy free entertainment from different Filipino singers and comedians
uae8 hours ago
HRE Development also unveils Skyhills Residences 3
business8 hours ago
He was recently celebrated at the Better World Fund during the Venice Film Festival
lifestyle8 hours ago
This is a performance you won’t want to miss
lifestyle8 hours ago
Zvi Kogan was reported missing by his family since Thursday, November 21
uae9 hours ago
Organizations in the UAE have an urgent need for robust cybersecurity solutions, expert says
tech9 hours ago